The US Securities and Exchange Commission (SEC) has a new Chairman in Paul Atkins, who has been sworn into office after Senate approval.
Atkins is President Donald Trump’s nominee for the role of SEC Chair as he demonstrates a similar pro-crypto agenda and will look to enforce Trump’s vision of helping make the US the global leader in cryptocurrency.
He will succeed Gary Gensler, who was a staunch opponent of crypto in the US as many of his regulatory actions focused on classifying cryptocurrencies and digital assets as securities, deeming them to be regulated financial instruments.
Gensler, who served as SEC Chair from 2021-2025 under the Joe Biden Administration, was at the helm when the SEC enforced legal action against the likes of Binance, Coinbase and Ripple Labs, to name a few, over his securities stance.
Many Republicans with favourable opinions of and/or interests in crypto, such as Trump, were highly critical of Gensler. Trump in particular vowed that on “day one, I will fire Gary Gensler” once he was sworn in as the 47th President of the US.
Although Trump did not have the grounds to dismiss Gensler, Atkins’ predecessor announced he would be stepping down from the role in January shortly after Trump’s inauguration.
The SEC confirmed Atkins’ arrival as Chair in a statement that read: “We welcome Paul Atkins as the next Chairman of the SEC. A veteran of our Commission, we look forward to him joining us, along with our dedicated staff, to fulfill our mission on behalf of the investing public.”
Who is Paul Atkins?
Atkins is a lawyer, businessman and ex-Commissioner of the SEC, having served on the board of the financial agency under the George W. Bush Administration from 2002-2008.
While Atkins went through ethics clearing to assess his status to become the next SEC Chair, filings revealed that he holds up to $5m in a crypto investment fund. Given Trump’s pro-crypto stance, Atkins own interests in crypto may be one of several reasons behind his choice as SEC Chair.
Upon returning to office, Trump swiftly signed executive orders to create a Federal crypto reserve and scale back restrictive regulations on crypto companies as part of his first 100 days in office in order to help the sector grow.
Trump confirmed that Atkins would be his nominee last December via a post on the social media platform Truth Social.
His post read: “(Atkins) believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.
“He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
An advocate for relieving regulatory burdens on financial institutions and free market principles for prosperous economic growth, Atkins will no doubt look to leverage his background as a businessman and former SEC official to apply similar conservative policies from traditional finance over to crypto.
His first major undertaking he will be tasked with is the formation and potential implementation of a crypto regulatory framework, something Trump has been adamantly clamouring for.
This week, the US House Financial Services Committee progressed with its crypto agenda after Republican Representative Bryan Steil revealed stablecoin legislation is advanced and has passed both committees in the House and Senate.
Atkins will now become heavily involved in the formation of a digital assets bill that will, in most part, be littered with pro-Republican policies as the political party controls a majority inside both the Senate and House.
